WHEAT DEALS

Hokitika Guardian, 17 November 1930, Page 5

WHEAT DEALS

FRENZIED BUYING

[United Press Association.—By Electric Telegraph—Copyright].

(Received tins day' at 8 a.m.) NEW YORK, November 16

Chicago operations of the Farm Board in the wheat pit to-day threw the world markets into. frenzied buying and selling. Orders amounted to millions, l.vgge confirmed the purchases of ten million bushels in the last three days.

A telegram from Winnipeg intimated that the cause of the drop in December wheat prices there to 58 cents the lowest that wheat lias ever been sold in Cana,da, was the launching of a price cutting sales policy on the part of the United States Farm Board, namely the sale to Italian buyers of fifty million bqshels on long term credit. No confirmation was obtainable. It was the second largest sale in the history of American grain annals, and in the opinion of traders, will fuither reduce prices, although today December in any quality was offered at 73 cents, in Chicago it was taken. The previous largest sale was one hundred million bushels to French during the war at two dollars. The Canadian wheat situation is critical. Three province heads have been meeting at Winnipeg for the last three days, to seek a solution, The Premiers announced to-day they will, apply to Mr Bennett immediately upon his return to stabilize the price of wheat ,; at a reasonable figure.” which is set at a dollar or more by farm organisation leaders.